Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 7,063 people, 3,228 houses or apartments, and a median cost of homes of $273,949, Cortland real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Cortland, accounting for 68.62% of the city's housing units. Other types of housing that are prevalent in Cortland include large apartment complexes or high rise apartments ( 12.20%), duplexes, homes converted to apartments or other small apartment buildings ( 10.51%), and a few row houses and other attached homes ( 8.37%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Cortland. Owner-occupied housing accounts for 74.69% of Cortland's homes, and 63.37% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Cortland built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Cortland built between 1940-1969 ( 13.26%). A lesser amount of the housing stock also hails from between 2000 and later ( 11.03%). There's also some housing in Cortland built before 1939 ( 10.23%).
Vacant housing appears to be an issue in Cortland. Fully 10.28% of the housing stock is classified as vacant. Left unchecked, vacant Cortland homes and apartments can be a drag on the real estate market, holding Cortland real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Real estate appreciation rates in Cortland's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.07% during the period.
NeighborhoodScout's data show that during the latest twelve months, Cortland's appreciation rate, at 6.18%, has been at or slightly above the national average. In the latest quarter, Cortland's appreciation rate has been 2.48%, which annualizes to a rate of 10.29%.
Relative to Ohio, our data show that Cortland's latest annual appreciation rate is lower than 60% of the other cities and towns in Ohio.
$273,949
for Ohio
for nation
3,228
$1,038 / per month